PT Nusantara Infrastructure Tbk. 2015 PT Nusantara Infrastructure Tbk PT Nusantara Infrastructure...

© 2015 PT Nusantara Infrastructure Tbk

PT Nusantara Infrastructure Tbk. Public Expose

Jakarta, May 12th 2015


Presentation Contents

2

Company Overview 3

Strategic Business Unit 7

Toll Sector 8

Water Sector 13

Port Sector 18

Renewable Energy Sector 20

23

Financial Performance 28

Telco Towers Sector

© 2015 PT Nusantara Infrastructure Tbk 3

PT Nusantara Infrastructure Tbk Overview


Company Overview

Founded through backdoor listing in 2006, PT Nusantara Infrastructure

Tbk. (PTNI) is an Indonesia’s leading private infrastructure company.

o Total Assets CAGR 2006 – 2014 of 31% IDR 4,116 Bn (1)

o Total Equity CAGR 2006 – 2014 of 26% IDR 2,405 Bn (2)

o Market Capitalization CAGR 2006 – 2014 of 11.3% IDR 2,879 Bn (3)

on the Jakarta Stock Exchange META:IJ (as of Q1 2015 Share Price

IDR 189, Shares Outstanding 15.235 Bn)

4

A

Note:

(1) As of March Q1 2015.




Investment Policy & Strategy

5

Diversified Infrastructure Portfolio

Focus Strategic Assets

Stable & Growth Assets

Relatively High Margin

Medium – Long Term Contract


Corporate Structure – as of Q1 2015

6

Cap Asia

invested in 2013

Partnered

with PEP in

2014

Partnered

with LDC in

2012

ISAB

Acquired

2012

PORTS

Acquired

2012

Acquired &

Developed

2013

Acquired &

Developed

2012

WATER

TBN DCC SCTK

Developed

2012

ENERGY

IME

Acquired

2014

TELECOM TOWERS

KIN

Acquired

2006

Expanded

2008

Acquired

2006

Acquired &

Developed

2009

Developed

2007

TOLL ROADS

BSD BMN JLB

JTSE

Strategic Business

Unit (SBU) - Level

Business Unit

(BU) - Level

Acquired

2012

TKCM

74.99% 99.99% 99.99% 99.99% 99.99%

88.93% 98.53% 25.00% 39.00% 51.00% 51.00% 64.99% 45.02% 69.36%

99.39% 28.00%

As Per 31 March 2015

JEXWAY

partnered in 2014


Strategic Business Unit

7


Toll Road

8


Marga Utama Nusantara

9

Focus in Developing Strategic Roads

Current Portfolio:

1. Harbour Road - Makassar.

2. Airport Toll Road - Makassar.

3. Commuter Road – Greater Jakarta.

4. Jakarta International Airport Road (2nd) – JORR 1.

A


Recent Updates – JLB Access

10

JLB Toll Road started its 1st operation in February 2010 with total length of 10 Km.

The toll road connects West and North Jakarta, Tangerang, and direct access to Soekarno

Hatta International Airport.

JLB is the second toll road connecting to Jakarta International Airport.

JLB Toll Road

PIK Area

Airport Toll JSMR

JORR W2 Toll Road

JLB Toll Road

Jakarta Tangerang

Toll Road JSMR

JLB PIK & Airport Access JLB JORR W2 & Jakarta Tangerang Access

Direct Crossing PIK

Area

(2013)

1

Direct Crossing to

JORR W2 Toll Road

(2014)

2 New Access Ramp

to Airport

(2015)

3

A


JLB Performance

11

55,586

66,059

87,159

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2012 2013 2014

JLB Traffic Growth 2012 - 2014

171,909

207,232

285,695

-

50,000

100,000

150,000

200,000

250,000

300,000

2012 2013 2014

JLB Revenue Trend (In IDR Million)

YoY Growth

+18.8%

YoY Growth

+31.9%

YoY Growth

+20.5%

YoY Growth

+37.8%

High growth drivers resulted from increasing

mobility and strategic access to airport.

Better connectivity supported for solid

revenue growth trend.


23 24

100

0

20

40

60

80

100

120

Q1 2014 Q1 2015 2015F

Traffic Volume

12

Q1 2015 Performance

84

53

69

84

53

70

-

10

20

30

40

50

60

70

80

90

100

Toll Revenue OperatingIncome

EBITDA

Q1 2015 YoY Growth Comparison

1Q2014 1Q2015

In IDR Bn Million of Vehicles

Traffic volume is still showing good growth

throughout the first quarter; presenting a good

start for year 2015.

Class I vehicles are still dominating for the traffic

contributions.

Estimated FY 2015F traffic will reach up to 100

millions of vehicles.

MUN is still running at 83.3% EBITDA margin,

increased slightly from 82.1% last year; showing

improvements in management efficiency.


MUN Performance

13

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2013 2014 Q1 2015

59.2% 62.8% 63.1%

79.0% 82.2% 84.0%

MUN Consolidated Performance

Operating Income Margin EBITDA Margin

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2013 2014 Q1 2015

59.2% 62.8% 60.5%

79.0% 82.2% 84.6%

BSD Performance


0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2013 2014 Q1 2015

59.2% 62.8% 66.5%

79.0% 82.2% 78.2%

BMN Performance


0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2013 2014 Q1 2015

59.2% 62.8% 64.5%

79.0% 82.2% 85.8%

JTSE Performance



Recent Updates – Jexway Partnership

14

In November 2014, JEXWAY joined as part of BSD shareholders.

JEXWAY will enter to a mutually beneficial cooperation agreement to ensure the

business expansion of MUN, using Japanese Advance Technologies

1. Project estimation

2. Traffic Control System

3. Facilities Control Center

4. Asset Management

Signing Ceremony at Osaka, Japan Group Photo with JEXWAY Team


Water


POTUM

16

Key Opportunities:

100% access clean water (current access 58%) (1)

MDG access to 10.3 mio households (2)

Current Portfolio:

1. Cisadane Households Project – TKCM.

2. Medan Industrial Project – DCC.

3. East Serang Project – SCTK.

Source:

(1) Bappenas Book 2014

(2) Bappenas RPJMN 2015 - 2019

A


Operational Activities – TKCM

17

Project Profile

Asset WTP

Status Operating & Expansion

process

Concession 15 years (2004 – 2019)

Customers PDAM Tangerang and

surrounding households

Water Tariff IDR 1,507 / m3

Official Screen Set-up Water Intake House (Cisadane River) 6 NOS Sedimentation Tanks

1,275 1,286

1575

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2014 2015 Future

Water Production Capacity (liter/sec)


Operational Activities – SCTK

18

Acquired 65% of shares by POTUM in end of 2013.

Has successfully signed amandment of concession agreeement with PDAM Serang to extend

the concession to another 25 years until 2038 in end of 2013.

Started the construction for SCTK development to produce water up to 375 lps.

Has signed a project financing facility with ICBC up to IDR 102 bio in beginning of 2015 .

Project Profile

List of Activities

Recent Updates B

Asset WTP


process


Customers

140 industrial customers

(incl.few households through

PDAM)

Water Tariff IDR 8,500 / m3 65

110

375

0

50

100

150

200

250

300

350

400

2014 2015 Future



Operational Activities – DCC

19

POTUM acquired 51% shares in DCC in 2012.

Signed an exclusive agreement with PT Kawasan Industri Medan (KIM) to supplies clean

water in 2012.

Commenced of 1st operational in 2013 with capacity of 100 lps.

Project Profile

List of Activities

Asset WTP


process


Customers

PT Kawasan Industri Medan

(ditributes to 153 industrial

customers

Water Tariff IDR 5,800 / m3

100 100

235

0

50

100

150

200

250

2014 2015 Future



Q1 2015 Financial Performance

Income Statement Q1 2015 YoY (Unaudited) Comparison

20

In IDR Million 2015 2014 Change (Δ)

Q1 Q1 % IDR

Revenue (1) 7,203 3,719 94% 3,484

EBITDA 3,395 257 1,221% 3,145

Margin % 40% 2%

Net Income* 2,893 1,502 93% 1,391

Margin % 34% 13%

Revenue increased by 94% YoY to 7,2 billion.

Net Income increased by 93%.

Company’s prospect is showing a good signal with increasing EBITDA by 1,221%.

Note:

(1) Excluding Construction Revenue

* Net income after minority interest


Port


ISAB Seaport Expansion

• In 2013, Tankfarm capacity was

48,000 MT.

• By 2014 the capacity has been

expanded up to 105,000 MT.

• In 2015, this capacity will reach

120,000 MT.

22

Source: Company information

-

20,000

40,000

60,000

80,000

100,000

120,000

2011 2012 2013 2014 2015F

14,000

48,000 48,000

105,000

120,000

In M

etr

ic T

on

Tank Storage Capacity (MT)

A


Renewable Energy

23


Renewable Energy Development

2012 2013 2014 2015

PT Energi Infranusantara

established

Focusing in Renewable

Energy Development

1


Completed feasibility study

and design construction

3

Start construction PT.

Inpola Meka project - Lau

Gunung Mini Hydro Power

Plant 2 x 7.5 MW

Expected in Operation:

Mid 2016

5

Shares acquisition 45% of

PT. Inpola Meka Energi

(Mini Hydro Power Plant )

2 Amandment PPA for

extention of COD

(Commercial Operating

Date)

4


Project Summary

25

Project Name : Lau Gunung

Energy Type / Technology : Hydro / Run off River

Installed Capacity : 15 MW (2 x 7.5 MW)

Annual Energy Output : 107 gWh per year

Availability Factor: 81%

Location : Tanah Pinem, Kabupaten Dairi, North Sumatera

River : Lau Gunung River

Estimated Catchment Area : 559.06 km2 (30% conservation forest, 70 public

plant)

Water Debit : 10.61 m3/sec

Concession Period : 20 Years

Estimated Head : 140 m (Net)

• The project is expected to start

its operation by mid of 2016.


Project Profile – PT Inpola Meka Energy (Mini Hydro Power Plant)

Location Map (North Sumatera)

74 km

74.5 km from

Medan

Capital City


Telecommunication Tower Sector

26


Company Background

• In January 2014, PT Nusantara Infrastructure Tbk invested IDR 138 bn in equity and Providence Equity

Partners financed IDR 460 bn in a loan to PT Telekom Infranusantara, which subsequently subscribed for

shares in KIN.

– PTTI invested IDR 500 bn as primary proceeds, while the remaining IDR 98 bn was used to acquire secondary

shares in KIN.

– PTNI (through PTTI) is the 69.36% controlling equity shareholder in KIN.

• Use of primary proceeds of IDR 500 bn:

– Acquisition of the tower assets.

– Funding further growth of KIN (organic and inorganic).

27

As Per 31 March 2015

Legend:

• KIN : PT Komet Infra Nusantara

KIN

PT Nusantara

Infrastructure Tbk.

(META:IJ)

69.36%

99.99%

PT Tara Telco

(existing founder

shareholder, individual)

PT Graha Mekatama

Telindo

(existing founder

shareholder, individual)

13.70% 16.94%

PT Telekom

Infranusantara

Providence Equity

Partners

Debt

Instrument


193

591

646

243

125 30

23

29 3

0

100

200

300

400

500

600

700

Tara Komet Corona Organic B2S KIN 2014 Telematika Ida Lombok New Builds KIN Q1 2015

Tower Growth Evolution


(Towers) #

28

January 2014 July 2014 December 2014 January 2015 April 2015

A

KIN Key Strategies:

• Focus on quality tenants underpinned

by attractive long-term contracts

• Strong colocation potential to

enhance cash flows

• Strong, experienced and professional

management team backed up by high

quality sponsors

• Combination between robust organic

growth and potential small tower

acquisitions


Revenue Breakdown Comparison FY 2014 vs. Q1 2015

20.5%

23.8%

7.1%

22.1%

16.3%

9.4% 0.7%

TSEL

XL

ISAT

Hutch

Smart

Flexi

Internux

29 Source: Company information

30.0%

17.0%

15.0%

22.0%

12.0%

4.0% 0.0%

TSEL

XL

ISAT

Hutch

Smart

Flexi

Internux

Revenue Composition FY 2014 Revenue Composition Q1 2015

Total Revenue FY 2014: IDR 132.8 bn

Total Revenue Q1 2015: IDR 38.7 bn

(+290% YoY)


2014 Performance

30

132,882

76,670 75,704

64,376 56,212 966

11,328

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Revenue Opex EBITDA D&A Operatingincome

Financing &Others

Net Profit *

In ID

R M

illio

n

KIN successfully booked Revenue IDR 132.8 bn in 2014, were contributed from 7 major tenants.

EBITDA and Operating Margin accounted for 57.7% and 57.0% respectively.

Financing and other expenses contributed 8.5% out of the total revenue, which created net profit of IDR 64.3 bn

(48.4%).

The company showed a robust growth throughout the year, contributed 25.6% revenue out of total PTNI’s

consolidated revenue.

Income Statement 2014 (Audited) Breakdown



NI Consolidated Financial Performance

2014 & Q1 2015


The revenue rose 22% YoY driven by solid growth business expansion.

Operating income increased by 58% YoY to 202 billion showed robust performance in operation

level; more efficiency and advanced know – how.

Net Income increased by 65% YoY determined by continuous strong growth in diversified business

lines combined with optimal capital.

The company is showing good prospects with increasing EBT by 66% and EBITDA by 46%.


In IDR Million 2014 2013 Change (Δ)

December December % IDR

Revenue 518,378 425,860 22% 92,518

Operating Income 202,417 128,474 58% 73,943

Margin % 40% 30%

EBT 189,985 114,729 66% 75,256

Margin % 36% 27%

EBITDA 278,280 191,015 46% 87,265

Margin % 53% 45%

Net Income* 93,260 56,395 65% 36,865

Margin % 18% 13%

NI Consolidated – 2014 Financial Highlights

Income Statement 2014 YoY (Audited) Comparison


NI Consolidated – 2014 Financial Position

Total Assets

Increased by 58%, driven by growth

among other investment sectors

2014 4,074,897

58%

2013 2,579,581

Total Liabilities

Increase by 107% to support further

business growth

2014 1,709,624

107%

2013 823,177

Retained Earnings

Strong net income growth resulted

significance increase in retained earnings by 372%.

2014 76,024

372%

2013 (16,099)

Total Equity

Increase by 34%, supported through

growth in net income and new capital

injection for telco project

2014 2,365,273

34%

2013 1,756,404


Description 2015

Q1

1. Liquidity Ratio

Current Ratio 3.44x

Cash Ratio 1.63x

2. Solvency Ratio

Debt to Equity 71%

Debt to Asset 42%

Net Debt (IDR Billion) (1) 336

3. Multiples IDR Billion

─ Market Capitalization 2,879

─ Total Equity 2,405

─ Shares Outstanding 15,235

Price to Book Ratio 1.20x

NI Consolidated – Q1 2015 Financial Position

Financial Position and Ratios as of Q1 2015

2014 Solvency Ratio FY 2014

Interest Bearing Debt to EBITDA (2) 3.39x

DSCR – Interest Coverage (3) 1.90x

Note:

(1) Calculated based on Bank

Loan only (Interest Bearing

Debt) items and excluding

consumer financing

liabilities.

(2) Calculated based on Bank

Loan only (Interest Bearing

Debt) items and excluding

consumer financing

liabilities.

(3) DSCR – Interest Coverage

calculated based on

Operating Income /

Financing Expense


NI Consolidated – Q1 2015 Performance

Income Statement Q1 2015 YoY Comparison

130,665

62,560

84,018

26,371

104,780

32,001

49,512

15,559

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Revenue Operating income EBITDA Net Profit *

Q1 2015 Q1 2014

Revenue

+25% YoY

Operating

Income

+95% YoY

EBITDA

+70% YoY

Net Profit

+69% YoY


In IDR Million

Growth in all sectors reflected a solid business performance

growth.


Positioning – Local Co. with Global Partners

36

Proven track record of operating, building and acquiring strategic assets throughout Indonesia and working

with foreign investors and partners, including Louis Dreyfus Commodities Holdings Limited (“LDC”),

Capital Advisors Partners Asia Pte Ltd (“Cap Asia”), Providence Equity Partners (“PEP”), and

Japan Expressway & West Nippon Expressway (“JEXWAY”).

A

2012

Strategic Partnership with Louis Dreyfus

Commodities (“LDC”)

In ISAB for a multi-purpose seaport in

Lampung

2013

Investment with Capital Advisors Partners

Asia Pte. Ltd. (“Cap Asia”)

25% in MUN amounting IDR 681 bio via capital

enlargement and divestment

2014

Co-Investment with Providence Equity Partners (“PEP”)

IDR 460 bio of debt instrument from PEP to TI for KIN acquisition

1

2

3

4

2015

Cooperation with JEXWAY (Japan

Expressway) and W-NEXCO (West

Nippon Expressway)

Entering to a mutually beneficial cooperation in MUN Operational

Excellence


Growth Strategy

37

Proven track records in establishing Partnership with Global Players

Experience in the Development, Acquisition and Operating Infrastructure Asset

Well Positioned to benefit Indonesia Infrastructures Gap


Thank You

38

www.nusantarainfrastructure.com

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